The USD/MXN pair is experiencing a gradual decline, which analysts at Credit Suisse consider likely to extend to 18.5155/17.4395.
Key resistance lies at 19.9131/19.9482
“Given the USD has topped out, we think overall risk is likely to remain slightly to the downside through the first quarter of 2023 and therefore we see room to extend the gradual decline to the 2020 low at 18.5155, where we think potentially harder support is likely to be found. If this one were to break too, the next key support is identified at 17.4395 the low of 2017.”
“Key initial resistance is at the recent high and the 200DMA at 19.9131/19.9482although only above the downtrend since the end of 2021 in 20.2145 it would indicate instead that a more range-constrained phase is emerging.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
